If you are delinquent on your credit card bill, it may not be Monty Hall calling to make a deal, it may be your credit card company.
The delinquency rate on credit cards has risen, as have calls from credit card companies to people with high balances. Companies are trying to make deals with people in order to get something rather than nothing.
Even with settling for less than the entire amount, there are still high balances around.
“Revolving credit, a close approximation of credit card debt, totaled $939.6 billion in March. The Federal Reserve reported that 6.5 percent of credit card debt was at least 30 days past due in the first quarter, the highest percentage since it began tracking the number in 1991. The amount being written off was also at peak levels.”
Credit brings a different dimension to this recession. The unemployed and under-employed do not have as much to lose. When you aren’t making any money, your wages can’t be garnisheered. This does not mean forgoing payment. Although no one can say, yet, how taking a deal from a credit card company will affect your future credit or credit score.